AUD/USD fails to sustain the bounce above 0.7200

• Resurgent US dollar demand, negative oil prices keep the bounce limited.
• Focus on the Fedspeaks, USD dynamics and China data dump for fresh impetus.

The USD bulls appear to have regained the poise in the European trading, breaking the AUD/USD pair lower from its consolidative phase, following the Asian bounce back above the 0.72 handle.

The Aussie jumped nearly 40-pips and hit daily tops near 0.7220 levels in Asia after the risk sentiment got a lift from the renewed optimism over the US-China trade talks, as the Chinese Vice-Premier Liu He was said to visit the US to discuss on the trade issue ahead of the meeting between the US President Trump and his Chinese counterpart Xi scheduled later this month.

However, the bulls failed to resist above the 0.72 handle, courtesy bearish technical set up and downbeat Australian NAB confidence and condition readings released earlier today. More so, a fresh buying interest seen around the US dollar across its main competitors combined with falling oil prices also dragged the spot lower, as markets await the Fedspeaks and the sentiment on the Wall Street for further momentum.

Also, in focus remains Wednesday’s Australian wage price index data and Chinese economic releases for any sustained recovery momentum in the major.